GoCompare opens up APIs to fintech firms

GoCompare opens up APIs to fintech firms

UK price comparison site GoCompare is opening up its APIs to fintech firms, letting them pump in anonymised transaction data for analysis.

The Machine Learning for Fintech project will give free access to APIs focused on transaction categorisation, merchant identification and insight on predicted spending.

The APIs produce a summary of the transactions and provide predictions on future spending, giving fintech startups customer insights without having to build up their own teams.

GoCompare says that it will also use the anonymised data to train and build robust machine learning models for the fintech community, which it says will ultimately benefit consumers.

Jackson Hull, chief operating and technology officer, GoCompare, says: "AI and machine learning are the future of financial services and will raise the benchmark of customer expectation."

Firms can apply for beta access now.

Comments: (2)

Bradley Howard
Bradley Howard - Endava - London 31 January, 2018, 09:35Be the first to give this comment the thumbs up 0 likes

The biggest surprise about this unsurprising story is why the site hadn't opened up these APIs beforehand.

Insurance companies and other financial organisations could benefit from new business models through their APIs.

In fact, any company with a transactional website should consider API commercial models.

Tanurag Nayyar
Tanurag Nayyar - EY - London 01 February, 2018, 13:08Be the first to give this comment the thumbs up 0 likes

"Anonymised" is the key word for me here as TPPs wouln't have the free will to share any data further without customer consent otherwise.

GDPR is going to dictate when a set of transactions could be qualified as annonymous to ensure customer information is protected when sharing transaction sets to other FinTechs.

Good thought GoCompare of building a massive repository of transactions - will be interesting to see the kind of trends that emerge from the analysis at some stage.